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Aboki Africa is a  foreign account provider for Africans. It is one of the easiest ways to send and receive international payments without restrictions.
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Their mission is to streamline the currency exchange process for Africans. Many users leverage Aboki Africa to convert funds from foreign currency to Naira and vice versa. It encompasses a  wide network of 5,600+ licensed bureau de change operators that is a reliable and easy go-to source for Nigerians quickly seeking foreign currency for education, travel, and other transactions. Aboki Africa uses the black market rates for currency exchanges and charges a 1% fee on every transaction or conversion, estimated at ₦3,000 (around $6). Using the platform, Nigerians can sign up and get a foreign account within 1-2 business days after registration, provided they meet compliance requirements. Currently, Aboki Africa only provides European currency-denominated accounts (Pounds and Euros). It is currently working on adding USD accounts. The startup announced on the 3rd of February that it has completed its major rebranding to become Grey. The re-branding to Grey which took effect from the day it was announced reflects the accelerated way the company has evolved and expanded in the last year. The company’s new name Grey signifies that its stable, neutral, and solid in the financial services industry. As a part of this rebranding, they also released a new corporate logo and website redesign that works with its growing business model.
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The rebranding came after they raised an undisclosed amount in a pre-seed round led by Mono’s CEO, Abdul Hassan, alongside Niche Capital Limited, Ingressive Capital, and other strategic investors. It was Founded by Idorenyin Obong and Femi Aghedoin in June 2020. The mission was to simplify the currency exchange process for Africans, starting with  Nigeria. However, they have since expanded the scope of their mission to incorporate other international payment-related processes in African countries. It is perceived as the “TransferWise for Africa”. The startup is projected to expand product offerings for users, starting with the addition of more currency support including USD, and the launch of a mobile application. It is also looking to deepen market penetration in Nigeria. Currently, Aboki Africa has around 3,000 users. Given the scale of the retail forex market in Nigeria, the startup will be looking to increase its user figures significantly as it expands, especially in the wake of the CBN ban on Bureau De changes. The impression that they are focused on Africa may not last for long because other countries in the world need the services Grey offers. These countries may be founding it difficult to exchange local currencies to the Dollars, Euros, and other currencies of the world. They may require means to do so which Grey can key in and solve the dilemma.  At a time like this, Grey may likely one day scale their startup to the whole wide world offering a wide range of conversion services to countries that may need them. It is also a possibility that more currencies of the world other than Euros, pound, and dollars may be added to the list of currencies they offer exchanges on.  Featured Image Source: Disrupt Africa
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This article was first published on 11th February 2022

eyimegwu-ekene

I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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